"Build Think"? Why Not "Think Build"?

There were three major corporate news on Maybank today; (1) its June 2008 results, (2) a glimpse of its 8 year vision and aspirations and (3) the RM8m acquisition of BinaFikir - a 2002 incorporated company with paid up RM650,000. Interestingly, Khazanah's current MD Azman Mokhtar was the founder and the MD for BinaFikir from 2002 till 2004. I am a bit tired commenting Maybank's recent deals which are sometimes difficult to logic and comprehend unless you think of it negatively. Anyway, this is just my opinion. Sigh!

BT: Maybank yesterday reported a lower net profit of RM2.93 billion for the year ended June 30 2008 on account of increased provision for bad loans for a non-refundable deposit made in its bid to gain control of an Indonesian bank. Maybank reported a profit of RM3.18 billion last year. During the period just ended, the bank made provision of RM483.3 million.The amount was largely provision for a non-refundable deposit it paid to buy out PT Bank Internasional Indonesia (BII). The acquisition ran into problems when Bank Negara Malaysia revoked its approval after Indonesian market regulators introduced certain changes in securities rules, which it said could put Maybank at risk.Without the provision, Maybank would have posted a 1.3 per cent increase in net profit to RM3.22 billion, according to group managing director Datuk Seri Abdul Wahid Omar. (refer here for the complete article).
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BT: MALAYAN Banking Bhd wants to become a "truly regional" financial services group and be among the top five in terms of assets and market performance in South and Southeast Asia by 2015. The country's largest bank also aspires to be "the undisputed leader in Malaysia across all high margin and profitable products and segments". The vision is in Maybank's eight-year blueprint that is due to be launched next month. The performance improvement programme will be implemented in two "horizons", group managing director Datuk Seri Abdul Wahid Omar said at a press conference in Kuala Lumpur yesterday.

The first horizon, from September till 2011 and called "Leap 30", will focus on 30 initiatives related to all of Maybank's major business sectors including consumer, enterprise, Islamic and investment banking and talent development." The initiatives will be rolled out rapidly with results consistently tracked and measured to ensure continuous innovation and change in the current practices. "Maybank, Wahid said, will strengthen its operations in seven out of 10 Asean countries while continuing to look out for opportunities in other markets.

Under the second horizon, the bank expects to expand its reach to India, the Gulf countries and certain provinces in China from 2011. Meanwhile, Maybank yesterday announced the acquisition of BinaFikir Sdn Bhd, a holder of capital market services licence, for about RM8 million. The bank also appointed BinaFikir managing director Rashdan Mohd Yusof as cheif operating officer of Aseambankers Malaysia Bhd. BinaFikir executive director Feisal Wan Zahir, 38, was appointed as Aseambankers head of investment. Both appointments are effective September 1. Rashdan, 37, is expected to be promoted soon as he has been chosen to replace Surachet Chaipatamanont as chief executive officer of Aseambankers.

* Malaysia Today ordered to blocked by MCMC? The more you hide, the more we seek!!

* The Australian: According to Japan's National Police Agency, Yakuza gangs are terrorizing the Tokyo Stock Exchange. The organised crime syndicates have mounted widespread assault on the country's financial markets that may have left hundreds of listed companies riddled with mob connections. It has under its payroll professionals in the field of auditors, accountants, brokers, bankers etc.

* The Standard: China is rumoured to consider dividend tax cut to boost shares. The tax is currently at 20%. Such move is at best short term.....

* Bloomberg: Pakistan imposes its 2nd emergency trading limits (refer here for the 1st restriction) to halt stock slides as the benchmark index went down by 42% in 5 months. From today, until 7-10 days latter, the index has been set not to be able to fall below yesterday's closing.
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* The Standard: The Chinese central government departments misused or mismanaged more than 46b yuan last year, including using disaster relief money to buid government offices and diverting funds to speculate in stocks.